Phoenix #PHBUSDT is currently navigating a descending channel on the daily chart indicating a bearish trend. However if the price bounces off the midline of this channel it could signal a potential reversal. Should this bounce confirm traders can anticipate upward movement toward targets at $1.55, $2.00, $2.25, and possibly $3.10. Watching for confirmation at the midline will be essential for assessing the likelihood of this bullish scenario unfolding.

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